Kipushi sets new monthly zinc record, stays on track for 2026 guidance

Ivanhoe Mines says its Kipushi zinc mine in the Democratic Republic of Congo has set a new monthly production record and remains on track to meet its full-year guidance, even as its larger sister operation, Kamoa-Kakula, continued working through a prolonged copper recovery.

The mine, located 30km south-west of Lubumbashi, produced 25,677 tonnes of zinc concentrate in May, beating its previous monthly record of 22,968 tonnes from January by 12%. During the month, Kipushi's concentrators milled a record 72,003 tonnes of ore at an average recovery of 93%, with an average plant feed grade of 36.2% zinc.

Fourth-largest and climbing

With the May results, Kipushi's year-to-date zinc production stood at about 110,000 tonnes, which, if annualised, would land near the midpoint of the company's 2026 guidance range of 240,000 to 290,000 tonnes. At that production rate, Ivanhoe said, Kipushi would become the world's fourth-largest zinc producer this year. The company also reported that construction of the mine's second tailings storage facility was 90% complete, with the first deposit expected from October 2026.

A steady counterweight to Kamoa's volatility

The results came amid a surprisingly strong zinc market, with prices trading close to $3,630 a tonne in London, a level last seen in mid-2022, even as analysts projected a significant supply surplus following a surge in global mine production the previous year. For Ivanhoe, Kipushi's consistent record-breaking performance offered a valuable counterweight to the more volatile, headline-grabbing story unfolding at Kamoa-Kakula, giving the company a reliable second pillar of cash flow while its flagship copper complex continued its slower, costlier path back to full production. The mine's steady operational cadence — each month typically bettering the last — also gave analysts a rare Congolese asset in Ivanhoe's portfolio they could model with confidence, in contrast to the repeated guidance revisions that had characterised Kamoa-Kakula's recovery.

Sources

• Mining.com: Ivanhoe sets new monthly zinc record at Congo mine, 04 Jun 2026

Photo: Sphalerite, the primary zinc ore mineral, of the kind mined at Kipushi in the DRC. Pacific Museum of Earth from Canada, Wikimedia Commons, CC BY-SA 2.0.